06.07.202213:59 Forex-elemzések és áttekintések: Trading plan for Ripple on July 06, 2022

Technical outlook:

Ripple might be preparing to resume its rally towards $0.44800 and $0.54800 in the next few trading sessions. The crypto is trading close to $0.32250 at this point in writing and needs to break above the $0.38700 interim resistance to accelerate higher. Ideally, prices should stay above the $0.28700 interim support to keep the near-term bullish structure intact.

Ripple has completed a larger-degree corrective drop between $1.91600 and $0.28700 in the past few months. The Standard Flat correction (3-3-5) could be the beginning of a much deeper decline, which could drag the price below $0.28700 in the next few months. Before that, bulls are looking poised to produce a corrective rally towards $0.91500 at least.

Ripple is likely to remain in control of bulls in the next several weeks and push towards $0.91500 at least, which is the Fibonacci 0.618 retracement of the entire drop between $1.91600 and $0.28700. The crypto has been working on a lower-degree upswing between $0.28700 and $0.38700, which was retraced through $0.30930 last week.

Going forward:

Ripple bulls should be poised to come back in control from current levels ($0.32200) and push prices towards the initial resistance at around the $0.41000-0.44000 area. The bottom line for the above structure to remain intact is that the $0.28700 interim support should hold well. A break above $0.38700 will be a welcome scenario.

Trading plan:

Potential rally towards $0.44800 and $0.54800 against $0.28700

Good luck!